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The FED did it: they finished the QE program and the USD turned sharply to the upside while metals fell. Stocks actually did not go far, so we still see the uptrend in play.

The USD is up across the board, as the USD index broke above 86.10 swing resistance, so we assume that the price is underway back to October highs, which means that other major currencies should suffer.

On EURUSD we see sharp decline from 1.2768 that should be an impulse so we will continue to look even lower, but after a three wave rally that can make a pullback to 1.2612-1.2652 resistance area. We could be turning to bullish view only if the price goes back above 1.2700 in impulsive fashion.

EURUSD 1h Elliott Wave AnalysisEURUSD Post FOMC Elliott Wave Analysis October 30 2014 euro dollar Intraday